REVENUE MEMORANDUM CIRCULAR NO. 114-2023 issued on October 27, 2023 announces the temporary suspension of the opening of Escrow Account in relation to the auction sale of seized properties pursuant to Revenue Memorandum Order (RMO) No. 29-2022. An RMO is being prepared to amend certain provisions of the said Order and coordination is being undertaken with all concerned Government Agencies and Offices regarding the setting up of an escrow account.
               All concerned offices which shall conduct a public auction sale of seized properties are advised to follow the existing procedures under the Collection Manual of 2011, pursuant to RMO 28-2012. Further, the procedures under RMO No. 29-2022 pertaining to Auction Sale of Acquired Assets shall still be in effect.